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ABA: The American Bankers Association
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ABA Publishes Staff Analysis of DOL Final Rule on Overtime Exemptions

ABA published a members-only staff analysis of a Department of Labor rule that opens the door for the reclassification of mortgage loan officers as exempt from overtime pay requirements. With the rule, DOL withdrew a list of industries, including banking, that could not take advantage of the exemption from overtime pay requirements that is provided to employees who meet the criteria set forth in section 7(i).

Section 7(i) provides that employees in a “retail or service establishment” are exempt from overtime pay requirements if they receive more than half of their compensation in commissions and have a regular rate of pay that exceeds 1.5 times the federal minimum wage.

For more information, contact ABA’s Jonathan Thessin or Rod Alba.

Read ABA’s staff analysis Read the final rule